INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Income Tax Disclosure [Abstract] |
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| Components of deferred tax assets and liabilities |
Components of the Company's deferred tax assets and liabilities as of December 31, 2023 and 2022, are as follows:
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| Deferred Tax Assets and Liabilities |
|
December 31, 2023 |
|
December 31, 2022 |
| Deferred Tax Assets: |
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| Deferred contract revenue |
$ |
— |
|
|
$ |
1,230,985 |
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| Net operating loss carryforwards |
206,630 |
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|
7,027,439 |
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| Capital loss carryforward |
— |
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92,418 |
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| Other |
— |
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|
338 |
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| Sub-total |
$ |
206,630 |
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|
$ |
8,351,180 |
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| Valuation allowance |
— |
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|
(5,168,148) |
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| Sub-total |
$ |
206,630 |
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|
$ |
3,183,032 |
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| Deferred Tax Liabilities: |
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| Cost recovery of fixed assets |
$ |
— |
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$ |
(4,386,744) |
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| Other |
— |
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|
(88,588) |
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| Sub-total |
$ |
— |
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|
$ |
(4,475,332) |
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| Total net deferred tax asset (liability) |
$ |
206,630 |
|
|
$ |
(1,292,300) |
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| Deferred Tax Assets and Liabilities - Held-For-Sale |
|
December 31, 2023 |
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| Deferred Tax Assets: |
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| Deferred contract revenue |
$ |
1,062,314 |
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| Net operating loss carryforwards |
7,513,823 |
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| Capital loss carryforward |
92,418 |
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| Other |
282 |
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| Sub-total |
$ |
8,668,837 |
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| Valuation allowance |
(3,589,514) |
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| Sub-total |
$ |
5,079,323 |
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| Deferred Tax Liabilities: |
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| Cost recovery of leased and fixed assets |
$ |
(5,604,576) |
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| Other |
(106,227) |
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| Sub-total |
$ |
(5,710,803) |
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Total net deferred tax liability(1)
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$ |
(631,480) |
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| (1) The deferred tax liability is recorded within certain parent entities that are not part of the disposal group, however, because the liability was generated from the operations of the disposal group, the Company has included it within liabilities held-for-sale on the Consolidated Balance Sheet. |
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| Total income tax expense |
Total income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate of 21% for the years ended December 31, 2023, 2022 and 2021, to income or loss from operations and other income and expense for the years presented, as follows:
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| Income Tax Expense (Benefit) |
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For the Years Ended December 31, |
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2023 |
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2022 |
|
2021 |
| Application of statutory income tax rate |
$ |
(56,874,018) |
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$ |
(2,327,764) |
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$ |
(278,726) |
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| State income taxes, net of federal tax benefit |
77,878 |
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|
68,320 |
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|
681,342 |
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| Income of Real Estate Investment Trust not subject to tax |
57,537,442 |
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|
2,664,761 |
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|
532,952 |
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| Increase (decrease) in valuation allowance |
(1,578,634) |
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|
1,276,806 |
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|
3,159,313 |
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| Other |
(3,311) |
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|
(10,212) |
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|
(20,122) |
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| Total income tax expense (benefit) |
$ |
(840,643) |
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|
$ |
1,671,911 |
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|
$ |
4,074,759 |
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| Components of income tax expense |
The components of income tax expense (benefit) include the following for the periods presented:
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| Components of Income Tax Expense (Benefit) |
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For the Years Ended December 31, |
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2023 |
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2022 |
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2021 |
| Current tax expense (benefit) |
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| Federal |
$ |
13,605 |
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$ |
141,544 |
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|
$ |
(7,154) |
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| State (net of federal tax benefit) |
13,203 |
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|
31,783 |
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|
5,623 |
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| Total current tax expense (benefit) |
$ |
26,808 |
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|
$ |
173,327 |
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|
$ |
(1,531) |
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| Deferred tax expense |
|
|
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| Federal |
$ |
(273,901) |
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|
$ |
947,036 |
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|
$ |
3,400,571 |
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| State (net of federal tax benefit) |
(593,550) |
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|
551,548 |
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|
675,719 |
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| Total deferred tax expense (benefit) |
$ |
(867,451) |
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|
$ |
1,498,584 |
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|
$ |
4,076,290 |
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| Total income tax expense (benefit), net |
$ |
(840,643) |
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|
$ |
1,671,911 |
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|
$ |
4,074,759 |
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